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2016 Latin American Business Environment Report

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2016 Latin American Business Environment Report 2016 Latin American Business Environment Report Brian C. Gendreau Timothy E. McLendon January 2016 1 The contents of this report were developed under a National Resource Center grant from the U.S. Department of Education. Those contents, however, do not necessarily represent the policy of the U.S. Department of Education, and you should not assume endorsement by the Federal Government. PREFACE The 17th edition of the Latin American Business Environment Report (LABER) represents the first edition in which principal authorship was assumed by Brian Gendreau, the new director of the University of Florida’s Latin American Business Environment Program. Timothy McLendon will continue to author the legal environment section. With a new author come some changes in appearance and focus, as well as the introduction of two Latin American countries in the Caribbean (Cuba and Haiti). The most obvious change involves the title to the document which will henceforth look forward to the year ahead instead of backwards. Thus, this 17th edition will be considered the 2016 LABER. However, this year’s LABER remains true to Dr. Terry McCoy’s original vision of providing a fair and accessible evaluation of the economic, social, political, policy and legal developments in Latin America over the past year that impact the region’s business and investment climate.* LABER is a publication of the Latin American Business Environment Program (LABEP) in the Center for Latin American Studies in collaboration with the Center for Governmental Responsibility (CGR) in the Levin College of Law at the University of Florida. Through graduate degree concentrations, courses and study abroad opportunities, LABEP (http:// www.latam.ufl.edu/research--training/la-business-environment) draws on the diverse expertise and considerable resources of the University to prepare students for careers related to Latin American business. It also organizes conferences, supports the publication of scholarly research and provides professional consulting services. CGR is a legal and public policy research institute at the Levin College of Law with research programs and grant projects in environmental law, social policy, international trade law, and democracy and governance. CGR provides academic and clinical instruction for law students, and public extension and information services through conferences and publications. CGR has a long history of collaborative work in Haiti, throughout Latin America, Europe and Africa. CGR (http://www.law.ufl.edu/areas-of-study/centers/cgr) hosts an annual “Legal & Policy Issues in the Americas Conference”, now in its 17th year. Samantha Soffici helped with economic research, while Lauren Samuels assisted with background research for the legal environment section. JoAnn Klein assisted with editing, and Lenny Kennedy assisted with formatting the document and tables. Dayanara Hudson assisted with the final formatting of the document. We thank them for their valuable assistance, but we alone are responsible for the content and analysis. Brian Gendreau, Director, Latin American Business Environment Program Timothy E. McLendon, Staff Attorney and Clinical Professor of Finance Center for Governmental Responsibility Center for Latin American Studies Levin College of Law University of Florida University of Florida [email protected] [email protected] *Electronic versions of all 16 previous reports can be accessed at http://www.latam.ufl.edu/research--training/la-business- environment/publications. The report may be cited without permission, but users are asked to acknowledge the source. i CONTENTS PREFACE i ABBREVIATIONS AND DEFINITIONS iii EXECUTIVE SUMMARY 1 REGIONAL OVERVIEW 3 COUNTRY PROFILES NAFTA REGION Mexico 12 THE CARIBBEAN Cuba 14 Dominican Republic 17 CENTRAL AMERICA Costa Rica 19 El Salvador 19 Guatemala 20 Honduras 20 Nicaragua 21 Panama 22 ANDEAN SOUTH AMERICA Bolivia 24 Colombia 26 Ecuador 28 Peru 30 Venezuela 32 BRAZIL AND THE SOUTHERN CONE Argentina 35 Brazil 38 Chile 41 Paraguay 43 Uruguay 43 TABLES 44 SELECTED SOURCES 61 ii ABBREVIATIONS AND DEFINITIONS ALBA: Alianza Bolivariana para los Pueblos de Nuestra América (Boliviarian Alliance for the Peoples of our America), an organization founded by Cuba and Venezuela in 2004 to foster regional economic, political, social integration. Its member states, which are socialist or populist in orientation, are Antigua and Barbuda, Bolivia, Cuba, Dominica, Ecuador, Grenada, Nicaragua, Saint Kitts and Nevis, Saint Lucia, Saint Vincent, and Venezuela. Latin America: The independent states in the Americas in which romance languages are spoken. This definition includes the Caribbean nations of Cuba, the Dominican Republic, and Haiti. LA10: The 9 largest countries in Latin America by GDP, in PPP prices, plus Panama, included because of its large international banking sector. These are, in order of size, Brazil, Mexico, Argentina, Colombia, Venezuela, Chile, Peru, Ecuador, the Dominican Republic, and Panama. Mercosur: (Mercosul in Portuguese). A customs union and trading bloc of countries established in 1991 to promote free trade. Its full members are Argentina, Bolivia, Brazil, Paraguay, Uruguay, and Venezuela. Pacific Alliance: A trade bloc founded in 2011 with the goal of promoting economic integration and free trade with a “clear orientation toward Asia.” Its members are Chile, Colombia, Mexico, and Peru. Costa Rica was in the process of joining the Alliance in 2014. Its governments tend to be business-friendly. Dollar: All references to the dollar ($) refer to the United States dollar. Sources: Sources for the data, forecasts, and rankings used in this publication are listed either below each chart or table or in the footnotes to Tables 1 through 15. iii iv 2016 LATIN AMERICAN BUSINESS REPORT Brian C. Gendreau and Timothy E. McLendon EXECUTIVE SUMMARY A weak world economy and a continued fall in commodity prices made 2015 a difficult year for Latin America, and promise to make the year ahead challenging as well. Economic challenges were accompanied in many countries by political weakness, in large part caused by the emergence of corruption scandals that tarnished governments, undermining their legitimacy and their ability to focus on economic concerns. We classify the region’s 20 economies into three broad categories – attractive, problematic, and mixed – according the overall character of their business environments. The table below further indicates if the yearly performance has improved (▲), deteriorated (▼), no significant change (=) or uncertain (?). In 2015, only six environments improved and four deteriorated, while the remaining were unchanged. None of the changes was of the magnitude to justify reclassifying an environment nor did any country abandon its basic orientation. However, a new government in Argentina may well change that environment in future years. The outlook for 2016 remains guarded because of the weak global growth and the region’s emerging fiscal and external imbalances. LATIN AMERICAN BUSINESS ENVIRONMENTS 2014 2015 2016 Environment Environment Attractive Problematic Mixed Attractive Problematic Mixed Outlook NAFTA REGION Mexico ▲ = ▲ ANDEAN SOUTH AMERICA Bolivia ▲ ▲ = Colombia ▲ ▲ ▲ Ecuador ▲ ▼ ▼ Peru = = = Venezuela = ▼ ? BRAZIL & SOUTHERN CONE Argentina ▼ = ▲ Brazil ▼ ▼ ▼ Chile ▼ = = Paraguay = ▲ ▲ Uruguay = = ▲ CENTRAL AMERICA & CARIBBEAN Costa Rica = = = Cuba ▲ ▲ Dominican Republic ▲ ▲ = El Salvador = = = Guatemala = = = Haiti ▼ ? Honduras ▼ = = Nicaragua = = = Panama ▲ ▲ ▲ Total 9 4 5 9 5 6 1 2 REGIONAL OVERVIEW ECONOMIC OUTLOOK Figure 1. Economic performance LA10 countries Just a year and a half ago economic growth in Latin America appeared to be on a sound footing. In the 2014 2015e 2016f ten years ending in 2013, despite the 2008-09 global Real GDP, % 1.3 -0.5 0.7 recession, the Latin American economies had expanded at an average rate of 4.2% per year. Household incomes Inflation,% 11.4 18.9 21.0 had risen rapidly, and income inequality had declined in almost every Latin American country even as it worsened Unemployment rate, % 5.5 6.2 6.9 in the developed world. The proportion of extremely poor people in Latin America fell by more than 50% in the Current account, % of GDP -2.7 -3.1 -2.7 2000s, from 25 percent of the population to 12 percent according to research by Nora Lustig (2015). Fiscal balance, % of GDP -3.9 -5.8 -4.4 The outlook for Latin America today is clouded. GDP Source: 2014: ECLAC; 2015-16: Consensus forecasts from Bloomberg. The LA10 are the 10 largest economies in Latin America growth declined in the region as a whole in 2015. Brazil, by GDP in PPP prices: Argentina, Brazil, Chile, Colombia, Dominican Ecuador, and Venezuela are in recession, and growth has Republic, Ecuador, Mexico, Panama, Peru, and Venezuela. weakened in almost every other country. The consensus among forecasters is that growth will resume in Latin America as economic activity in the developed world picks up, but the recovery is expected to be weak until 2017, Figure 2. Global GDP growth and some countries will struggle to climb out of recession. Adjusting to external shocks As has often been the case in the past, Latin America’s recent downturn can be attributed mainly to external shocks. During 2004-13, the boom in commodity prices, mainly reflecting demand from China, lifted growth rates throughout Latin America, especially in those economies that were large exporters of primary products such as oil, metals, and food. As China became a major trading partner of
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